Résumé
Objective : Our thesis aims to highlight the behavioral (cognitive and affective) and informational factors that affect the investment intention of retail investors present in the equity crowdfunding market. Methodology : this thesis is divided into two main parts. In the first, we conducted a literature reviewon crowdfunding and behavioral finance. Then, two exploratory interpretive studies are done to further the subject. In the first study, 17 retail investors were surveyed by the way of semi-leading interviews.The second study is carried out on the basis of the exploitation of 4,080 testimonies extracted from a crowdfunding site by capital. The second part of the thesis has a confirmatory purpose with a hypothetical-deductive approach. It confirms some of the results of the exploratory study. In this section,a third study is conducted with 266 retail investors in the equity financing market. The data are processed by structural equations from IBM21 SPSS & AMOS software. Results: the results of our studies show confidence among retail investors as a variable that contributes to the investment intent. It reduces complexity and uncertainty in relationships. It is based on experience with others, on the fact that funding platforms are credible, and it is dependent on the psychological behavior of investors. This confidence is positively affected by cognitive factors such as the confidence bias, familiarity with investment, willingness to trust. Finally, the follow-up bias and affinity bias were also investigated. Although the latter two are present in retail investors, they have not matched our model.
Source: http://www.theses.fr/2023ORLE1001
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